I wasn’t relating camera to size when I made that statement. I carry my phone every day and the phone I have now is an excellent point and shoot camera. When I want to take photos on a family day out I take my Canon EOS 5D MKIV. In that instance my camera is better than any smartphone on the market and I’ve got the quality I need. The camera is massive, but thankfully I don’t have to carry it everywhere I go. It costs a similar price to a 12 Pro Max too, hence my comment on cost. I could get a decent bridge camera which would be much smaller and under £1K which would probably answer your question better if you’re someone who wants a small, half decent camera that is similarly cumbersome to the Max.
I often see comments on here that say: ‘people who like photography and need the best camera, buy the 12 Pro Max’. They really don’t as the cameras on all the iPhone 12’s are great for what they are.